Average 6% at $1000/oz
Average 12% at $2000/oz
I'm guessing Average 18% at $3000/oz.
Inflation won't take long to get gold up to $3000/oz (probably 5-10 years). US inflation is at 9%.
In that case, if KCN was making 20% profit margin at $2000/oz, it would fall to 14% at $3000/oz (only accounting for the progressive royalty rate - assuming all other costs grow in line with the inflation and gold price).
It's an extreme tax that increases over time.
If no discount is given, then it gives KCN a short window (5+ years) before their future is uncertain - before Thailand becomes less competitive than gold mines in other countries.
General discussion, page-1461
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